Mexico's Peso Stability
Is Now Guillermo Ortiz's Job

By

Roberto Salinas-Leon

Updated Dec. 19, 1997 12:01 a.m. ET

MEXICO CITY--This week the white smoke finally rose from Mexico's monetary chapel as President Ernesto Zedillo came forth from Los Pinos to designate the new governor of the Bank of Mexico: Guillermo Ortiz, now the minister of finance. Mr. Ortiz will replace Miguel Mancera, whose term expires on Dec. 31.

In choosing Mr. Ortiz, the president by-passed some exceptionally credible choices within the bank, notably Vice Governor Francisco Gil Diaz. Mr. Zedillo also lost a key player within his own government. Yet, so far,...